Tax

Sovereign Gold Bonds remain the safest bet—fully tax-exempt if held to maturity. If sold earlier, taxation mirrors equity rules.

Updated : Jun 21, 2025

Capital gains tax decoded: What every taxpayer must know before FY26 filing season

Non-convertible debentures and real estate holdings follow duration-based rules, with an optional 20% indexed rate for real estate bought before July 23, 2024.

A couple can claim a total tax deduction of up to Rs 7 lakh per year, with each individual being able to claim ₹3.5 lakh through Sections 80C and 24B, respectively.

Updated : Jun 20, 2025

Tax relief: First-time homebuyers are missing a Rs 50,000 tax break — even banks don’t flag it, says expert

Many first-time homebuyers are unknowingly missing out on a valuable tax benefit—an additional ₹50,000 deduction under Section 80EE of the Income Tax Act. This provision offers extra relief on home loan interest payments, over and above the Rs 2 lakh deduction under Section 24(b).

Finance Ministry linked the 45% spike in offshore disclosures to AI-driven tax scrutiny and global data exchanges.

Updated : Jun 20, 2025

Foreign asset declarations jump 45% as I-T dept cracks down on unreported income, says Finance Ministry

The government said as many as 24,678 taxpayers reviewed their Income Tax Returns (ITRs) and 5,483 taxpayers filed belated returns for the Assessment Year 2024–25, reporting foreign assets worth a staggering Rs 29,208 crore and additional foreign income of Rs 1,089.88 crore.

Last year, NPCI introduced an interchange fee on prepaid payment instrument (PPI)-based merchant transactions through UPI.

Updated : Jun 20, 2025

Faster tax refunds ahead: NPCI enables real-time PAN and bank account checks

The National Payments Corporation of India (NPCI) has launched a new real-time validation facility for PAN and bank account details, aimed at streamlining the linking process on the income tax e-filing portal. Announced on June 17, 2025, the initiative is designed to enhance the accuracy of PAN verification, bank account status, and identity authentication through banks' Core Banking Systems (CBS).

Virtual Digital Assets are defined as any form of information, code, number, or token that is generated through cryptographic methods or other means.

Updated : Jun 19, 2025

Crypto non-filers face Income Tax heat; I-T dept nudges investors to declare VDAs

Cryptocurrency gains are now firmly in the crosshairs of Indian tax authorities. With a flat 30% tax on Virtual Digital Assets (VDAs), the Income Tax Department (ITD) is actively reaching out to taxpayers who failed to report such income.

Section 24 of the Income Tax Act, 1961, is your key to saving on the interest paid on home loans.

Updated : Jun 18, 2025

Big tax savings on loans: Are taxpayers claiming their full deductions on these loans? Check details

Thousands of Indian taxpayers are eligible for major tax deductions on home and EV loan repayments—but many aren't claiming the full benefits. From Section 24(b) to 80EEB, knowing the right provisions can significantly cut your tax outgo this filing season.

Under Section 244A of the Income Tax Act, taxpayers are entitled to simple interest at 0.5% per month (6% annually) on refunds due to them. Normally, returns filed by the standard July 31 deadline start accruing interest until the refund is issued.

Updated : Jun 14, 2025

Advance tax alert: June 15 is a Sunday — does paying advance tax on June 16 attract penalty, interest?

The first advance tax deadline for FY 2025–26 falls on Sunday, June 15, 2025, prompting confusion among taxpayers about whether payments made on the next working day would attract penal interest. As per a 1994 CBDT circular, payments made on Monday, June 16, 2025, may be accepted without interest—offering a brief relief to those unable to pay on the holiday.

This enforcement drive is part of the CBDT’s NUDGE framework (Non-Intrusive Usage of Data to Guide and Enable)

Updated : Jun 14, 2025

Didn’t declare crypto income? CBDT may already be matching your ITR with exchange data

In many cases, individuals either skipped the mandatory Schedule VDA in their income tax returns or wrongly claimed deductions and preferential tax rates, violating key provisions under the Income Tax Act, 1961.

For AY 2025-26, all seven ITR forms have been officially released.

Updated : Jun 13, 2025

Tax season chaos: This Excel tool tells you exactly which ITR form to choose & file

As income tax season kicks in, many taxpayers are left scratching their heads over one basic yet crucial question — Which ITR form should I file? Choosing the wrong form can lead to processing delays, notices from the tax department, or outright rejection of your return.

The ITR-1 form will allow for reporting of Long Term Capital Gains (LTCG) up to Rs 1.25 lakh under Section 112A from listed equity shares or equity mutual funds.

Updated : Jun 13, 2025

Earning below taxable limit? Filing a Nil ITR could still save you money; see how

A Nil Income Tax Return (ITR) is filed when an individual’s income falls below the taxable threshold, resulting in zero tax liability. Understanding the deadlines, eligibility, and compliance rules is essential to make the most of this financial document.

Under the New Tax Regime, there is no provision to claim deductions for medical expenses not covered by insurance, regardless of the amount or severity of illness.

Updated : Jun 13, 2025

'Tax the healthy, not the helpless': Demand grows for relief on out-of-pocket medical costs

As medical emergencies drive families into debt, taxpayers are urging the government to offer deductions for out-of-pocket healthcare expenses under the New Tax Regime. The call is growing louder for policy that doesn’t penalise medical misfortune.

Employers are mandated by income tax rules to file their e-TDS returns for the January-March quarter by May 31. Following this, the TDS certificate, Form 16, must be issued by June 15.

Updated : Jun 13, 2025

Salaried employees, take note: Your Form 16 this year will be smarter, more detailed

Salaried employees will soon receive their Form 16 for Assessment Year 2025–26, featuring a more detailed breakdown of salary components and newly integrated tax disclosures.

The latest World Bank data showed Indians living abroad remitted a total of $119 billion back home in 2023.

Updated : Jun 11, 2025

Sending money to India? NRIs may pay Rs 30,000 extra as tax from 2026

Sending money to India from the US could soon come at a steep price. The proposed 3.5% remittance tax in the US may cost you $350 on every $10,000 transferred.

ITR Filing 2025: Salaried individuals will soon receive Form 16 from their employers to begin filing income tax returns for AY 2025–26. This crucial TDS certificate can also be accessed digitally, making the ITR process faster and more convenient.

Updated : Jun 11, 2025

Digital Form 16 for FY 2024–25: What salaried taxpayers need to know before filing returns

Digital Form 16 is an electronic version of the tax certificate issued by employers, detailing salary and TDS information. It can be accessed via email, employer portals, or verified through the TRACES website for filing ITRs seamlessly.

Minimum income for filing income tax return is based on age and chosen tax regime. In old regime, individuals below 60 with income over Rs 2.5 lakh in a year must file ITR.

Updated : Jun 11, 2025

ITR filing FY2024-25: Who all can skip filing returns this assessment year

Income tax return filing for FY 2024-25 (AY 2025-26) is now open, with the deadline extended to September 15, 2025. Taxpayers must assess their eligibility and ensure timely compliance to avoid penalties.

According to Singhal, “This isn’t a loophole. It’s a trap.”

Updated : Jun 10, 2025

Pay 0 tax by setting up in Dubai? CoinSwitch founder says India is watching every move

The logic is grounded in control and location. Even indirect control from India is enough to invoke domestic tax obligations.

Starting July 2025, GST returns cannot be filed after three years from their original due date, as per the new GSTN rule.

Updated : Jun 7, 2025

GST filing to be blocked after 3 years starting July 2025: New filing rules

GSTN implements a three-year time bar on GST return filings starting July 2025, affecting various return forms.

Transactions above Rs 10 lakh in savings accounts or mutual fund investments must be reported to the Income Tax Department under Form 61A.

Updated : Jun 7, 2025

I-T Dept targets big spenders dodging tax: Here's full list of high-value transactions under watch

The Income Tax Department is tightening its grip on big spenders who underreport income by closely tracking high-value financial transactions. Institutions like banks, post offices, and fintechs must now report such activities to ensure better tax compliance.

The new tax regime offers lower slab rates but limits exemptions—yet allows key deductions like employer NPS and standard deduction.

Updated : Jun 7, 2025

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Tax

Capital gains tax decoded: What every taxpayer must know before FY26 filing season

Tax relief: First-time homebuyers are missing a Rs 50,000 tax break — even banks don’t flag it, says expert

Foreign asset declarations jump 45% as I-T dept cracks down on unreported income, says Finance Ministry

Faster tax refunds ahead: NPCI enables real-time PAN and bank account checks

Crypto non-filers face Income Tax heat; I-T dept nudges investors to declare VDAs

Big tax savings on loans: Are taxpayers claiming their full deductions on these loans? Check details

Advance tax alert: June 15 is a Sunday — does paying advance tax on June 16 attract penalty, interest?

Didn’t declare crypto income? CBDT may already be matching your ITR with exchange data

Tax season chaos: This Excel tool tells you exactly which ITR form to choose & file

Earning below taxable limit? Filing a Nil ITR could still save you money; see how

'Tax the healthy, not the helpless': Demand grows for relief on out-of-pocket medical costs

Salaried employees, take note: Your Form 16 this year will be smarter, more detailed

Sending money to India? NRIs may pay Rs 30,000 extra as tax from 2026

Digital Form 16 for FY 2024–25: What salaried taxpayers need to know before filing returns

ITR filing FY2024-25: Who all can skip filing returns this assessment year

Pay 0 tax by setting up in Dubai? CoinSwitch founder says India is watching every move

GST filing to be blocked after 3 years starting July 2025: New filing rules

I-T Dept targets big spenders dodging tax: Here's full list of high-value transactions under watch

Smart salary tweaks unlock Rs 3.75 lakh in tax savings — even under New Tax Regime; check calculations

'There’s a tax loophole in India...': Banker reveals how gold worth crores dodges scrutiny

Filing ITR-1 or ITR-4 online enabled: Prefilled data, LTCG option, regime switch added

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